Nation's Restaurant News is reporting that Umami Burger has received a $20 million investment from New York-based Fortress Investment Group. The investment is being characterized as a "direct loan." The article goes on to say:
As a result of the investment, Fortress will receive a minority stake in Umami Burger and will collaborate on its expansion plan strategy, Umami officials said in a statement.
The deal will help bring the upscale fast-casual brand to Chicago; Washington, D.C.; Las Vegas; Philadelphia; and Miami.
Umami has been proliferating at warp speed here in SoCal, so it was just a matter of time before the company began popping up farther afield. In December, Umami Pasadena opened, the 14th in the area.
I reached out to Umami founder and CEO Adam Fleischman to get his take on the investment. "I wish it were mine, and didn't have to spend it on restaurants," he responded jokingly. Kinda.
If you like this story, consider signing up for our email newsletters.
SHOW ME HOW
And in somewhat related news:
Want more Squid Ink? Follow us on Twitter or like us on Facebook.